During a bull market, you’ll find everyone buying—ETFs are being passively bought, MicroStrategy is decisively buying, and whales are dramatically adding to their positions.

During a bear market, you’ll find everyone selling—ETFs are being passively sold, MicroStrategy is testing the waters to sell coins, and whales are forced to liquidate.
In reality, neither buying nor selling is the reason prices rise or fall; rather, they are explanations for price movements. Prices seem to be directly affected by buying and selling behavior, but in fact they are functions of more complex factors.
Risk assets first are a function of liquidity—an eternal beta. Risk assets also have their own additional risk factors, such as BTC ETFs being passed through, and the surge in the AI industry chain.
Even during periods of tightening liquidity—or expectations of tightening liquidity—bubbles may still form, and history always pushes the prices of risk assets toward the direction of liquidity trends, sooner or later, faster or slower.
When you notice a bubble forming, rush in and add fuel; when you notice the possibility of a crisis, pull back and watch from the other shore; when the crisis has already actually happened, buy into the risk index.